Cri­ti­cal Review of New IPOs 2017

Exe­cu­ti­ve Sum­ma­ry on new issues 2017 — 11 new issues (pre­vious year 6) in Ger­ma­ny. A stu­dy by Dr. Kon­rad Bösl, Mana­ging Direc­tor at Blätt­chen & Part­ner GmbH in Munich.

• €2.6 bil­li­on pla­ce­ment volu­me (pre­vious year: €4.9 bil­li­on)
• Ger­ma­ny remains meanin­g­less in glo­bal com­pa­ri­son — share of the issue volu­me 1.5 and num­ber 0.7
• 5 of the 11 issuers with a loss in the year pri­or to the IPO, inclu­ding the two hig­hest-sel­ling
• 7 New issues in the Prime Stan­dard, 4 in sca­le, 1 can­cel­la­ti­on
• Lar­gest IPO Deli­very Hero AG with €989 mil­li­on pla­ce­ment volu­me
• Smal­lest IPO The NAGA Group AG with €2.6 mil­li­on pla­ce­ment volu­me
• Last quar­ter stron­gest with 5 new issues
• 50 of the issuers pla­ced in the top third of the book­buil­ding ran­ge, 30 in the lower third of the pri­ce ran­ge
• Avera­ge exer­cise rate Green­shoe 63.4 (medi­an 92.1
• Avera­ge sub­scrip­ti­on gain 12.1 (medi­an 4.1
• Year-end pri­ce 29 Decem­ber: 9 of the 11 issuers with pri­ce gains and bet­ter as a total mar­ket
• Com­pared to the over­all mar­ket, issuers achie­ved an avera­ge increase of 43.1 (medi­an 20.9)

Fin­dings from the New Issue Year 2017

• Glo­bal new emis­si­ons acti­vi­ty at 10-year high
• New emis­si­ons acti­vi­ty in Ger­ma­ny has not been able to keep pace with glo­bal com­pa­ri­sons for years
• The per­for­mance of new emis­si­ons in Ger­ma­ny was good and bet­ter than the over­all mar­ket
• The high pro­por­ti­on of capi­tal increa­ses in new issues shows that the IPO is pri­ma­ri­ly used to finan­ce growth
• Insuf­fi­ci­ent liqui­di­ty of new issues in sca­le due to low num­ber of shares pla­ced
• Cos­ts of the IPO on sca­le are far too high for small to medi­um-sized com­pa­nies
• The sca­le is not attrac­ti­ve to inves­tors and issuers due to the low tra­ding volu­me and high cos­ts

con­ti­nue rea­ding…

With inno­va­ti­ve finan­cial stra­te­gies, Blätt­chen & Part­ner GmbH has been one of the lea­ding cor­po­ra­te finan­ce experts in Ger­ma­ny for more than 30 years. The Munich-based com­pa­ny spe­cia­li­ses in advi­sing on manage­ment par­ti­ci­pa­ti­on programmes,IPOs, bonds, pro­mis­so­ry note loans and the asso­cia­ted capi­tal mar­ket sup­port after the issue. Other are­as of focus in the ran­ge of ser­vices are com­pa­ny invest­ments and M&A tran­sac­tions. More than 500 tran­sac­tions are a tes­ta­ment to the com­pany’s pro­ven exper­ti­se. The gro­wing inter­di­sci­pli­na­ry com­pe­tence net­work, the high level of cus­to­mer satis­fac­tion and the lar­ge num­ber of publi­ca­ti­ons on important cor­po­ra­te finan­ce topics reflect the reco­g­nis­ed repu­ta­ti­on of Blätt­chen & Part­ner GmbH.